Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Bank Charges: Overdraft rates hit 19%

Overdraft charges hit a record high during October, according to official figures published by the Bank of England.

The average rates for an authorised overdraft reached 19.09 per cent last month, with consumers paying around 38 times more than the base rate of 0.5 per cent.

Bank customers who had been overdrawn by £1,000 for a year would have to pay around £200 in interest, excluding any additional charges or fees which may be incurred.

Andrew Hagger, of financial information website Moneynet, said: "When an overdraft is unauthorised, you can understand the idea that you are charged when you go further into the red.

"But to ask to borrow money and then be charged these exorbitant rates is just very difficult to swallow."

Lloyds Banking Group, which is part-owned by the taxpayer, charges 19.3 per cent to customers who have agreed an overdraft, as well as additional £5 monthly fee. ADNFCR-2776-ID-800277812-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide